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When Will Housing Supply Catch Up with Demand?

Posted By Wally Reule @ Apr 15th 2021 4:14pm In: Sedona Real Estate Market News

We all know that the inventory of homes for sale is at historic lows, and every time a decent home comes on the market, it seems to attract multiple offers for over list price. What is less well known is that according to the National Association of Realtors, in 2021 the number of homes sold is projected to be 6.5 million compared to 5.64 million in 2020 and 5.34 million in 2019. But wait a minute! How is that possible if there is nothing available for sale? Well actually, there are enough homes to satisfy the market in normal times, but these aren't normal times. The demand is much higher than ever, and that will probably continue until at least the end of this year. Eventually, more homes will be built, more people will decide to sell, and demand will stabilize. When that happens, buyers will be happier and sellers not so much. And there we have the story of real estate in the "new normal".

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